home / study / business / finance / finance questions and answers / lake city's park gazebo is available for residents to rent for picnics and other gatherings. ... Question: Lake City's Park gazebo is available for residents to rent for picnics and other gatherings. You ... Lake City's Park gazebo is available for residents to rent for picnics and other gatherings. You have been tasked with building a compelling financial story to convince the city council to raise the rental rates. The rental revenue history is shown below. along with the CPI for each of the years. A. Calculate 2012 constant dollars for the rental revenue. B. Calculate 1984 constant dollars for the rental revenue. C. Create a line graph displaying the nominal dollars, 2012 constant dollars, and 1984 constant dollars across all years of data. D. How would you use these data to create a compelling financial argument to increase rental rates? Would you use all the data?

Table 7.2 Lake City: Park Gazebo Revenues and CPA (19842012)
	Rental			Rental			Rental
Year	Revenue	CPI	Year	Revenue	CPI	Year	Revenue	CPI
1984	$13,366.55	103.933	1994	$21,099.88	148.225	2004	$33,056.72	188.908
1985	$14,564.45	107.600	1995	$22,435.85	152.383	2005	$36,661.23	195.267
1986	$15,487.57	109.692	1996	$23,575.86	156.858	2006	$39,770.85	201.558
1987	$16,363.24	113.617	1997	$24,924.04	160.525	2007	$41,430.22	207.344
1988	$17,161.30	118.275	1998	$26,636.09	163.008	2008	$40,823.03	215.254
1989	$18,000.50	123.942	1999	$28,247.11	166.583	2009	$37,668.88	214.567
1990	$18,379.25	130.658	2000	$29,829.21	172.192	2010	$36,647.82	218.085
1991	$18,768.42	136.167	2001	$30,719.85	177.042	2011	$39,649.70	224.935
1992	$19,026.90	140.308	2002	$30,417.06	179.867	2012	$40,892.75	229.604
1993	$20,145.73	144.475	2003	$30,927.76	184.000